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Do the Best for your Business with IndusInd Bank

Mar 6th 2020 at 7:21 AM

To start a business you need a one-time investment but to keep it going and growing you may require extra funds as it is a tree the more you invest the more you’ll get. So, if you are looking for some extra funds to sustain in the market or to expand your business then, a business loan can be your biggest support to lean on. A business loan can be used for expanding your business, investing in office, buying advanced equipment or machinery or for expanding the inventory even when your business has setbacks due to the restricted cash flow. As it is a multipurpose loan, a business loan is one of the best choices a person can make. It can help you to be back on the track.

You can find an ample number of business loan lenders in the market; it is the result of the massive demand for business loans. That makes it quite difficult to choose the best lender for them. So, just to help you out a little in this article we will be talking about one of the best business loans available in the market and i.e. IndusInd Bank Business Loan.

A business loan from IndusInd Bank can be acquired for all sizes of businesses like for the micro, small and medium scale organizations to meet all their short and long-term financial requirements. Due to many reasons, one can need a business loan. As business is full of opportunities and sometimes to grab that opportunity you need to take the risk first. IndusInd Bank business loan has various advantages to the borrowers some of them have been mentioned below:

  • IndusInd business loans can be availed for all types of business operations.

  • Hassle-free loan processing.

  • You can get loan approval in a short time if you fit into the eligibility criteria.

  • The IndusInd Bank business loan is now also available online which has saved you from making multiple bank visits.

  • A competitive interest rate is offered.

  • The high loan amount is offered based on the borrower’s profile.

  • IndusInd Bank business loan application process is quick, simple and easy to understand.

  • The Bank has a team of experienced professionals and due to their efficiency, the business loan processing takes less time with some basic details for the loan approval.

  • Online loan processing does not require any kind of paperwork for the loan sanctioning or financial assistance.

  • The IndusInd Bank business loan comes with a flexible loan repayment tenure which facilitates the borrowers to choose the best tenure as per their convenience.

Features of IndusInd Bank Business Loan

IndusInd Bank business loan helps you to stand strong in the competition. It is considered as among the best ways to fulfill all the financial business requirements. An IndusInd business loan is an unsecured loan. The IndusInd Bank business loan can be repaid through monthly EMIs which makes it less stressful than any other loan. IndusInd provides business loans for the maximum amount at a pocket-friendly rate of interest. Below is the list of key features of the IndusInd Bank business loan:

  • Online Loan Application: Nowadays, almost everything is available online then how IndusInd Bank can be left behind. You can apply online for the IndusInd Bank business loan.

  • Competitive Interest Rate: IndusInd Bank business loan rate of interest is one of the lowest business loan interest rates available in the financial market.

  • Low Prepayment Charges: IndusInd Bank takes low prepayment or foreclosure fees on business loans.

  • Timely Discounts: Periodically discount offers are provided in IndusInd business loans. Especially during the festive time, you can acquire different offers given on the IndusInd Bank business loans.

  • No Hidden Costs: IndusInd Bank business loan processing is done with complete transparency. This ensures that zero hidden charges are charged for any of the IndusInd Bank business loan schemes.

  • Fast Loan Procedure: Simple and quick loan processing of IndusInd Bank leads to the fast approval of the loan amount.

IndusInd Bank Business Loan Interest Rate

A borrower can get a competitive rate of interest on IndusInd Bank business loan subject to an assessment of the loan amount, income, other obligations like a company in which a borrower is working, loan repayment tenure, etc. Some of the factors that determine the business loan interest rate are mentioned below:

  • Loan Amount – The availed loan amount from the bank. Generally, lenders offer a low rate of interest on the high amount.

  • Profit – The profit of a business plays a major role in the offered interest rate. It defines the capacity of a borrower to repay the loan amount. Generally, the higher the profit of the borrower’s business gets business loans at a lower rate of interest.

  • Relationship with the Lender - Bank offers special schemes, charges, fees and interest rates to their existing customers. If a borrower has managed his/her accounts and has a good track record of the payments can get the benefit of a low-interest rate on IndusInd Bank business loan.

  • Loan repayment capacity – Every lender looks for the repayment capacity of the borrower. IndusInd Bank also checks the repayment capacity of the borrower through CIBIL. As it has the credit repayment track record of the previous loans. CIBIL also provides information about the credit card bills payment.

Eligibility Criteria for IndusInd Business Loan

The eligibility criteria of IndusInd business loan vary based on several factors like loan amount, type of availed loan scheme and others. Here are the generic eligibility criteria for IndusInd business loan:

  • Nature of the Business: IndusInd business loan can be availed for the sole proprietorship firm, partnership firm, private limited company and others those having the current account in any bank for at least 2 years.

  • Applicant Age: An applicant’s age should be a minimum of 25 years at the time of business loan application and a maximum of 65 years.

  • Existence of the Business: IndusInd business loan can be acquired for those businesses which are in working at least for 5 years in the same locality/area.

  • Premises Ownership: An applicant should have the owner of the premises or should have a valid tenant agreement with the owner of the business location. In the case an applicant runs his/her business from rented premises, then the residual period should be a minimum of 3 years.

Required Documents of IndusInd Business Loan

The list of required documents for IndusInd business loans differs based on the type of loan a borrower is seeking. Here is the list of generic business documents that you are required for a business loan.

  • Duly filled the application form.

  • Passport-size photograph.

  • Bank statement, ITR, Certificate of Incorporation, Shops & Establishment Certificate, Partnership Deed or Sales Tax Challans to prove the continuity of the business.

  • PAN Card of the primary applicant or the enterprise.

  • Identity proof like Aadhaar Card, Passport, Voter ID, Driving License, etc. are accepted by the bank.

  • Last 3 months bank statement.

  • Address Proof.

  • Ownership proof of either residence or office.

  • Financial Documents of the Business such as Profit & Loss Statement and Balance Sheet (duly audited by a registered Chartered Accountant), book-debt and creditors-statement for the latest three months, Periodic Stock, etc.

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